Banks and banking -- France -- History -- 19th -- Fiction
However, Hamelin this time became angry, he who was usually so
conciliatory, without interest in anything that was not part of his
work. He attacked gambling with extreme violence; 'the Universal,'
said he, 'had succumbed to the mania for gambling--gambling carried to
the point of absolute madness.' Undoubtedly he was not one of those
who pretended that a bank could allow its stock to fall in price, like
a railway company, for instance. The railway company has its immense
plant, which brings in its receipts, whereas the real plant of a bank
is its credit; so it finds itself at death's door as soon as its credit
totters. Only there was a question of moderation in all this. Though
it might have been necessary and even wise to maintain the quotation
at two thousand francs, it was madness and utter criminality to push
it further, to try to raise it to three thousand and more. Immediately
on his arrival, Hamelin had demanded the truth, the whole truth. They
could no longer lie to him now, and declare to him, as he had allowed
them to declare in his presence at the last shareholders' meeting, that
the Bank did not possess a single one of its shares. The books were
there and he easily penetrated the lies they contained. He knew, for
instance, that the Sabatani account concealed operations carried on by
the Bank itself; and in this account, month by month, over a period of
two years, he could trace the progress of Saccard's fatal fever. At
first things had been done in a timid way, prudence had been displayed
in the purchases, but at last these had become larger and larger, till
they had finally reached the enormous figure of twenty-seven thousand
shares costing nearly forty-eight millions of francs. Was it not
madness, impudent, derisive folly, that transactions of such magnitude
should be entered to the account of a Sabatani? And this Sabatani was
not the only one; there were other men of straw--employees of the Bank,
directors even--whose purchases, entered as carried over, exceeded
twenty thousand shares, also representing nearly forty-eight millions
of francs. And, moreover, all these were only the completed purchases,
to which must be added the time bargains, effected during the last
fortnight of January; sixty-seven millions of francs expended on more
than twenty thousand shares, delivery of which the Universal had to
accept; to say nothing of ten thousand other shares bought at the Lyons
Bourse, making another twenty-four millions. And, adding everything
together, it was seen that the Bank now had in hand nearly one-fourth
of the shares which it had issued, and that it had paid for these
shares the frightful sum of two hundred millions. There was the abyss
in which it had been swallowed up.
Public-domain text, read in full here on John Shaqi.
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